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Is MetaTrader 4 (MT4) Still the Best Platform for Beginner and Advanced Traders?

trader analyzing the metatrader 4 stock trading graph phone app.

MetaTrader 4 (MT4) Remains the Gold Standard For Traders of All Skill Levels

Selecting the best platform may cut down on wasted time and effort, speed up your market analysis, and boost your bottom line. Trading platforms may be found in a wide variety of markets. There are advantages and disadvantages to using every type of software. However, 12 years after the release of MetaTrader 5, MetaTrader 4 is still standing strong. MetaTrader 4 is still the industry standard and has shown itself time and time again, so there’s no excuse not to use it.

What is MetaTrader 4?

When it comes to trading forex online, most traders turn to MetaTrader 4. After its debut in 2005 by MetaQuotes Software, millions of people suddenly have simple access to the financial markets. There was a significant increase in the number of brokerage firms providing access to the platform between 2007 and 2010. MT4’s rapid rise to prominence has made it almost impossible to locate a broker that does not provide clients with access to the platform. The software is only accessible after signing up with a broker. Despite the fact that MT4 was developed with the forex market in mind, it is also possible to trade stocks, indices, and commodities using Contracts for Difference (CFDs) on the platform.

MT4 is a favorite among new and seasoned traders alike for its versatility, ease of use, and adaptability to individual preferences. Further, it provides sophisticated trading tools that facilitate the use of individual trading strategies.

Is MetaTrader Safe?

When dealing with big sums of money, you naturally want to be certain that your cash and personal information are protected. One of the biggest dangers of forex trading is the possibility of being a victim of cybercrime or hacking.

If you use MetaTrader 4, you can be certain that it is secure. All information sent between the trader and the server is encrypted, and your IP address is hidden so that your transactions on the platform are completely private.

Why MetaTrader 4 is the Most Popular Forex Trading Platform?

Newcomers to the forex market may certainly find themselves overwhelmed by the variety of available trading platforms. While all of them have a lot to offer, one trading platform stands out as clearly superior to the rest. All of the top forex traders utilize MetaTrader 4 because of its reliability, versatility, and numerous accolades. The following discusses the many reasons why MT4 is the best trading platform for virtually any FX investor, thanks to its robust features and rising popularity.

The professional appearance and feel of MT4 are complemented by the comprehensive set of professional functions found in every high-quality trading platform. In addition, it has a plethora of customizable indicators that can be added or deleted from the charts with a single click.

In contrast to the downloadable and stand-alone nature of MT4, all other trading platforms are accessed through a user’s browser. Besides having fewer bugs than competing systems, it is also considerably simpler to use and operate.

What are the Fees of MetaTrader 4?

Trying out MetaTrader 4 doesn’t cost you a dime. You may put the system through its paces with virtual funds. Setting up a real-life account is, however, a little different. Users of MetaTrader 4 can open live trading accounts with brokers who have purchased licenses for the platform. In this way, selecting a broker and filling out an application are both necessary steps in opening a live account.

After your application has been approved, the brokerage will provide you with a user ID and password so that you may begin trading with your own funds on the platform. After that, your brokerage fees will be established. The fees associated with using the site, making transactions and anything else will be decided by them.

What are the Services and Features of MetaTrader 4?

MetaTrader 4 is a robust and dependable trading platform. This is why its use is still prevalent in the industry today. There is nothing fancy about the design, and it shows. Cosmetically, not much has changed since 2005. The platform’s simplicity has won over the hearts of many inexperienced traders.

It’s been a long time since the platform was first launched, but in that time it’s become very popular. Traders have responded by creating a plethora of algorithms for use in the industry. Although many of these algorithms are open source and available at no cost, some developers do charge for their work. Expert Advisors are computer programs that are used to automate trading on the MetaTrader platform.

Automating trades with custom indicators programmed in MT 4’s in-house coding language is a huge time-saver for users. The software supports over 30 languages and allows users to mimic the trades of more experienced investors. Though MT4 is most commonly associated with the foreign exchange market, it is also suitable for trading in other markets, such as options and futures.

The trading platform has a mobile app that can be downloaded on iOS and Android devices. Trading orders and indicators, both technical and analytical, are included in the app’s mobile version.

However, MetaTrader 4 does not provide access to human or automated financial advisors. Some brokers may provide supplementary services for MT4, such as live adviser help, however, this is not guaranteed.

MetaTrader 4 Pros and Cons

Pros

  • It’s free to use.
  • Easy to customize and fast.
  • Software is “light”.
  • Rare live trading errors.
  • Offers automated trading tools, and there are a lot of algorithms available on the market.
  • Numerous charts and indicators.
  • Offers helpful metrics and analytical tools. Traders also have the option of creating their own technical indicators.
  • Clean and easy-to-use interface.
  • Compatible with Linux, Mac, and Windows as well as iOS and Android.
  • Supports more than 30 languages.

Cons

  • Has fewer asset classes.
  • Outdated looking UI.
  • Provides fewer time frames than most current platforms.
  • Tedious installation.
  • The web platform does not allow automated trading.
  • Poor execution speed makes it inappropriate for high-frequency trading.

MetaTrader 4 vs MetaTrader 5

While MetaTrader 5 is superior in speed and efficiency to its predecessor, MetaTrader 4, it does not replace it because it is a separate platform with expanded capabilities. With MT5, traders have access to a wider variety of instruments across the forex, stock, index, commodity, and cryptocurrency markets. MT5 expands on its predecessor with more trading tools, including indicators, timeframes, and other improvements. The list of tradable assets is not specified in either MT4 or MT5. It’s all up to the trading platform and broker you choose.

MetaTrader 4 vs MetaTrader 5: The Main Differences

MT4 MT5
Markets Forex and CFDs Forex, futures, stocks, bonds, and options market
Technical indicators 30 38
Graphical objects 31 44
Timeframes 9 21
Pending order types 4 6
Order fill policy Fill or Kill Fill or Kill, Immediate or Cancel, Return
Partial order fill policy No Yes
Economic Calendar No Yes
Email system Yes (no attachments) Yes (with attachments)
Fund transfer between accounts No Yes
Depth of market No Yes
Hedging Yes Yes
Netting No Yes
Exchange trading No Yes
Programming language MQL4 MQL5

In Conclusion

We at FundYourFX support MetaTrader 4. Our funded trader account is there and you can find our MetaTrader 4 server, Fox Markets Live. When it comes to forex trading, MetaTrader 4 is the gold standard, and every broker knows it. Aside from a few outliers, everyone agrees. Intuitive, user-friendly, and complete; includes fully customizable settings and foolproof protection, coupled with streamlined functionality and easy data access. It’s highly customizable, and there are analytical features and tools available. There is no way around the fact that MT4 is the optimal forex trading platform for all traders. 

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